ES Journal Archive (2009 - 2010)

up the creek, then?

 

80-82 sets up IHS

 

http://www.zerohedge.com/article/ne...companies-assicurazioni-generali-cds-explodes

 

up the creek - no just pulling my hare out-slow and steady wins the race

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3023276>

 

Incredible volume at the close. Somebody was leaning the wrong way.

 

End of the month, and for some shops their books closed today for the year.

fwiw, imo and ime

 

Looking dodgy again. I would say descending triangle on Daily will attract HFTs again. Need to see strong buying, otherwise it could well be a repeat of May 6th. Wikileaks said would release info on one of the biggest US banks that may result in its collapse, Eurozone's future bailouts of Spain & Italy will have to be done on massive QE scale. Could this turn out to be too much for poor old market to digest? Markets react first, then digest.

 

The ES daily support area at 1170-1175 is pretty obvious as is the descending triangle.

Note the eur/usd steady decline while ES is holding the support "line in the sand".

Note the eur/usd piercing 1.2975, the correlated area of current support for ES.

Worth watching the overnight reaction to this area.

 

4th rejection of 1,170 zone leads to believe that upper resistance will be tested ~1,218 is my guess.